Systematic review reveals methodological silos and lack of founder perspectives in entrepreneurial finance, highlighting the need for integrative, process-oriented frameworks.
Key Points
Synthesize contemporary academic research on entrepreneurial finance, evaluate theoretical and methodological limitations, and propose an integrated research framework.
Conducted a systematic review of 53 studies published in top-ranked journals between 2012 and 2024 across six major electronic databases according to PRISMA 2020 guidelines.
Assessed study quality using the Mixed Methods Appraisal Tool (MMAT v2018) and analyzed conceptual patterns using thematic synthesis in NVivo 12.
Quantitative methods accounted for 79.2% of studies, with 73.6% concentrated in North American and European contexts, primarily examining venture capital, crowdfunding, and angel investing.
Foundational theories such as agency, signaling, and the resource-based view were applied in isolated silos rather than integrated frameworks.
Entrepreneurs' direct lived experiences were largely absent, with only 5.7% of examined studies incorporating founder interviews.